Clearwater Paper Reports Second Quarter 2021 Results
Clearwater Paper Corporation (NYSE:CLW) reported a net loss of $52 million for Q2 2021, a significant decline compared to a net income of $23 million in Q2 2020. Net sales fell 15% to $406 million. Adjusted EBITDA also decreased to $15 million from $79 million year-over-year. The company completed a major maintenance outage at its Lewiston, Idaho facility, impacting adjusted EBITDA by $22 million. Additionally, the closure of the Neenah, Wisconsin facility resulted in $41.7 million in impairment costs. The company aims to strengthen cash flows and reduce net debt in the latter half of the year.
- Successful completion of major maintenance at the Lewiston facility, positively impacting future operations.
- Strong demand and backlogs in the paperboard segment, indicating potential recovery.
- Continued reduction of net debt, aiming for better financial stability.
- Net loss of $52 million in Q2 2021 compared to a profit of $23 million year-over-year.
- 15% decrease in net sales from $481 million in Q2 2020 to $406 million.
- Significant decline in adjusted EBITDA from $79 million in Q2 2020 to $15 million.
- Closure of Neenah facility leading to $41.7 million in impairment costs.
- 33% drop in Consumer Products segment sales, severely impacting profitability.
Clearwater Paper Corporation (NYSE:CLW), a premier supplier of quality tissue and bleached paperboard products, today reported financial results for the second quarter of 2021.
SECOND QUARTER HIGHLIGHTS
-
Net loss of
$52 million , or$3.10 per diluted share -
Adjusted EBITDA of
$15 million -
Successfully completed planned major maintenance at the Lewiston, Idaho facility (
$22 million Adjusted EBITDA impact) - Announced closure of Neenah, Wisconsin tissue facility
- Continued to reduce net debt
“We performed better than our initial expectations for the quarter. In paperboard, we continue to experience strong demand and robust backlogs. Tissue demand bottomed out in April as consumers de-stocked pantries and retailers adjusted inventories. Our tissue orders have started to build back to more normal levels since then,” said Arsen Kitch, president and chief executive officer. “Our team executed well in the quarter, performed our largest maintenance outage at Lewiston, serviced strong SBS demand, closed our high-cost Neenah tissue facility and took tissue production downtime to reduce inventory levels and mitigate pulp price inflation.”
OVERALL RESULTS
For the second quarter of 2021, Clearwater Paper reported net sales of
For the first six months of 2021, Clearwater Paper reported net sales of
Pulp and Paperboard Products Segment
Net sales in the Pulp and Paperboard Products segment were
Net sales in the Pulp and Paperboard Products segment were
Paperboard Sales Volumes and Prices:
-
Paperboard sales volumes were 200,551 tons in the second quarter of 2021, a decrease of
1% compared to 201,728 tons in the second quarter of 2020. Paperboard sales volumes were 407,263 tons in the first six months of 2021, a decrease of1% compared to 409,644 tons in the first six months of 2020 -
Paperboard average net selling price increased
5% to$1,058 per ton for the second quarter of 2021, compared to$1,009 per ton in the second quarter of 2020. Paperboard average net selling price increased3% to$1,043 per ton for the first six months of 2021, compared to$1,011 per ton in the first six months of 2020.
Consumer Products Segment
Net sales in the Consumer Products segment were
Net sales in the Consumer Products segment were
Retail Tissue Sales Volumes and Prices:
-
Retail tissue volumes sold were 61,497 tons in the second quarter of 2021, a decrease of
36% compared to 95,432 tons in the second quarter of 2020. Retail volumes represented89% of total volumes sold in the second quarter of 2021, a decrease from94% in the second quarter of 2020. Retail tissue volumes sold were 132,259 tons in the first six months of 2021, a decrease of29% compared to 186,223 tons in the first six months of 2020. Retail volumes represented89% of total volumes sold in the first six months of 2021, a decrease from93% in the first six months of 2020. -
Retail tissue selling prices increased
1% to$2,755 per ton in the second quarter of 2021, compared to$2,729 per ton in the second quarter of 2020. Retail tissue selling prices increased1% to$2,757 per ton in the first six months of 2021, compared to$2,730 per ton in the first six months of 2020.
COMPANY OUTLOOK
“We executed well in the second quarter and are well positioned to realize strong cash flows and further reduce net debt in the latter half of 2021. Our paperboard business continues to perform well with favorable market dynamics, and our tissue demand is continuing to recover after a retailer and consumer drawdown of inventory. We are working to offset inflation across our business, including closing our high cost Neenah tissue facility and a continued focus on operational execution,” Kitch concluded.
WEBCAST INFORMATION
Clearwater Paper Corporation will discuss these results during an earnings conference call that begins at 2:00 p.m. Pacific Daylight Time today. A live webcast and accompanying supplemental information will be available on the company's website at http://ir.clearwaterpaper.com. A replay of today's conference call will be available on the website at https://ir.clearwaterpaper.com/investors/events-and-presentations beginning at 5:00 p.m. Pacific Time today.
ABOUT CLEARWATER PAPER
Clearwater Paper is a premier supplier of private-branded tissue to major retailers and wholesale distributors, including grocery, drug, mass merchants and discount stores. In addition, the company produces bleached paperboard used by quality-conscious printers and packaging converters, and offers services that include custom sheeting, slitting and cutting. Clearwater Paper's employees build shareholder value by developing strong relationships through quality and service.
USE OF NON-GAAP MEASURES
In this press release, the company presents certain non-GAAP financial information for the second quarter and first six months of 2021 and 2020, including adjusted income (loss) and Adjusted EBITDA. Because these amounts are not in accordance with GAAP, reconciliations to net income (loss) as determined in accordance with GAAP are included in the tables at the end of this press release. The company presents these non-GAAP amounts because management believes they assist investors and analysts in comparing the company's performance across reporting periods on a consistent basis by excluding items that the company does not believe are indicative of its core operating performance. In addition, the company uses Adjusted EBITDA: (i) as factors in evaluating management’s performance when determining incentive compensation, (ii) to evaluate the effectiveness of the company's business strategies, and (iii) because the company's credit agreement and the indentures governing the company's outstanding notes use metrics similar to Adjusted EBITDA to measure the company's compliance with certain covenants.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended, including statements regarding product demand, backlogs, closure of Neenah, Wisconsin facility, production downtime, cash generation, inventory levels, debt reduction, performance improvements, market conditions, and the company's ability to mitigate inflation costs. These forward-looking statements are based on current expectations, estimates, assumptions, and projections that are subject to change, and actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to: the impact of the COVID-19 pandemic on our business and operations, our suppliers' operations and our customer demand; competitive pricing pressures for our products, including as a result of increased capacity, as additional manufacturing facilities are operated by our competitors and the impact of foreign currency fluctuations on the pricing of products globally; the loss of, changes in prices in regard to, or reduction in, orders from a significant customer; changes in the cost and availability of wood fiber and wood pulp; changes in transportation costs and disruptions in transportation services; changes in customer product preferences and competitors' product offerings; larger competitors having operational, financial and other advantages; customer acceptance and timing and quantity of purchases of our tissue products, including the existence of sufficient demand for and the quality of tissue produced by the company’s expanded Shelby, North Carolina operations; consolidation and vertical integration of converting operations in the paperboard industry; our ability to successfully implement our operational efficiencies and cost savings strategies, along with related capital projects; changes in the U.S. and international economies and in general economic conditions in the regions and industries in which the company operates; manufacturing or operating disruptions, including IT system and IT system implementation failures, equipment malfunctions and damage to the company’s manufacturing facilities; cyber-security risks; changes in costs for and availability of packaging supplies, chemicals, energy, and maintenance and repairs; labor disruptions; cyclical industry conditions; changes in expenses, required contributions, and potential withdrawal costs associated with our pension plans; environmental liabilities or expenditures; reliance on a limited number of third-party suppliers for raw materials; our ability to attract, motivate, train and retain qualified and key personnel; our substantial indebtedness and ability to service our debt obligations and restrictions on our business from debt covenants and terms; negative changes in our credit agency ratings; changes in laws, regulations or industry standards affecting the company’s business; and other risks and uncertainties described from time to time in the company's public filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2020 and subsequently filed periodic reports on Form 10-Q. The forward-looking statements are made as of the date of this press release and the company does not undertake to update any forward-looking statements based on new developments or changes in the company's expectations after the date of this press release.
Clearwater Paper Corporation |
|||||||||||||||
Consolidated Statements of Operations |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
|
|
|
|
|
||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
(In millions, except per-share data) |
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Net sales |
$ |
406.4 |
|
|
$ |
480.6 |
|
|
$ |
832.3 |
|
|
$ |
958.5 |
|
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
Cost of sales |
392.2 |
|
|
396.7 |
|
|
762.8 |
|
|
819.7 |
|
||||
Selling, general and administrative expenses |
26.3 |
|
|
32.6 |
|
|
54.1 |
|
|
60.1 |
|
||||
Other operating charges, net |
44.5 |
|
|
3.0 |
|
|
44.9 |
|
|
11.6 |
|
||||
Total operating costs and expenses |
463.0 |
|
|
432.4 |
|
|
861.8 |
|
|
891.4 |
|
||||
Income (loss) from operations |
(56.6) |
|
|
48.2 |
|
|
(29.5) |
|
|
67.0 |
|
||||
Interest expense, net |
(9.3) |
|
|
(12.0) |
|
|
(18.6) |
|
|
(24.9) |
|
||||
Other non-operating expense |
(2.5) |
|
|
(2.0) |
|
|
(5.0) |
|
|
(3.8) |
|
||||
Debt retirement costs |
— |
|
|
(1.0) |
|
|
— |
|
|
(1.0) |
|
||||
Total non-operating expense |
(11.8) |
|
|
(14.9) |
|
|
(23.6) |
|
|
(29.6) |
|
||||
Income (loss) before income taxes |
(68.4) |
|
|
33.2 |
|
|
(53.1) |
|
|
37.3 |
|
||||
Income tax provision (benefit) |
(16.7) |
|
|
10.4 |
|
|
(13.5) |
|
|
4.2 |
|
||||
Net income (loss) |
$ |
(51.6) |
|
|
$ |
22.8 |
|
|
$ |
(39.6) |
|
|
$ |
33.1 |
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) per common share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(3.10) |
|
|
$ |
1.37 |
|
|
$ |
(2.37) |
|
|
$ |
2.00 |
|
Diluted |
(3.10) |
|
|
1.36 |
|
|
(2.37) |
|
|
1.99 |
|
||||
Average shares outstanding (in thousands): |
|
|
|
|
|
|
|
||||||||
Basic |
16,685 |
|
|
16,594 |
|
|
16,678 |
|
|
16,575 |
|
||||
Diluted |
16,685 |
|
|
16,686 |
|
|
16,678 |
|
|
16,644 |
|
||||
Clearwater Paper Corporation |
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(Unaudited) |
|||||||
|
|
|
|
||||
(In millions) |
June 30, 2021 |
|
December 31, 2020 |
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
60.9 |
|
|
$ |
35.9 |
|
Receivables, net |
144.0 |
|
|
160.6 |
|
||
Inventories |
282.9 |
|
|
263.3 |
|
||
Other current assets |
10.8 |
|
|
15.2 |
|
||
Total current assets |
498.6 |
|
|
474.9 |
|
||
Property, plant and equipment, net |
1,124.5 |
|
|
1,191.5 |
|
||
Operating lease right-of-use assets |
58.1 |
|
|
63.5 |
|
||
Goodwill and intangibles, net |
47.3 |
|
|
48.8 |
|
||
Other assets, net |
22.4 |
|
|
21.7 |
|
||
TOTAL ASSETS |
$ |
1,750.9 |
|
|
$ |
1,800.4 |
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Current portion of long-term debt |
$ |
1.7 |
|
|
$ |
1.7 |
|
Accounts payable and accrued liabilities |
254.1 |
|
|
243.1 |
|
||
Total current liabilities |
255.9 |
|
|
244.8 |
|
||
Long-term debt |
716.2 |
|
|
716.4 |
|
||
Liability for pension and other postretirement employee benefits |
78.5 |
|
|
80.5 |
|
||
Deferred tax liabilities and other long-term obligations |
212.3 |
|
|
237.6 |
|
||
TOTAL LIABILITIES |
1,262.9 |
|
|
1,279.3 |
|
||
|
|
|
|
||||
Common stock |
— |
|
|
— |
|
||
Paid in capital |
19.3 |
|
|
16.6 |
|
||
Retained earnings |
519.2 |
|
|
558.8 |
|
||
Accumulated other comprehensive loss, net of tax |
(50.5) |
|
|
(54.3) |
|
||
TOTAL STOCKHOLDERS' EQUITY |
488.1 |
|
|
521.1 |
|
||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
1,750.9 |
|
|
$ |
1,800.4 |
|
Clearwater Paper Corporation |
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Consolidated Statements of Cash Flows |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
(In millions) |
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
||||||||
Net income (loss) |
$ |
(51.6) |
|
|
$ |
22.8 |
|
|
$ |
(39.6) |
|
|
$ |
33.1 |
|
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
26.8 |
|
|
27.8 |
|
|
53.7 |
|
|
55.8 |
|
||||
Stock-based compensation expense |
0.7 |
|
|
3.4 |
|
|
3.1 |
|
|
4.8 |
|
||||
Deferred and other income taxes |
(21.4) |
|
|
8.9 |
|
|
(21.8) |
|
|
10.7 |
|
||||
Pension and other postretirement benefit plans |
1.5 |
|
|
1.2 |
|
|
3.2 |
|
|
2.0 |
|
||||
Non-cash charges associated with mill closure |
37.1 |
|
|
— |
|
|
37.1 |
|
|
— |
|
||||
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
||||||||
(Increase) decrease in accounts receivable |
(12.9) |
|
|
18.8 |
|
|
12.8 |
|
|
(18.5) |
|
||||
(Increase) decrease in inventory |
4.9 |
|
|
5.1 |
|
|
(24.8) |
|
|
46.1 |
|
||||
(Increase) decrease in other current assets |
4.5 |
|
|
3.6 |
|
|
4.4 |
|
|
(5.4) |
|
||||
Increase (decrease) in accounts payable and accrued liabilities |
24.8 |
|
|
15.3 |
|
|
18.6 |
|
|
(8.7) |
|
||||
Other, net |
(0.1) |
|
|
1.8 |
|
|
1.4 |
|
|
0.4 |
|
||||
Net cash flows provided by operating activities |
14.3 |
|
|
108.6 |
|
|
48.1 |
|
|
120.4 |
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
||||||||
Additions to property, plant and equipment |
(9.9) |
|
|
(7.3) |
|
|
(21.1) |
|
|
(17.8) |
|
||||
Net cash flows used in investing activities |
(9.9) |
|
|
(7.3) |
|
|
(21.1) |
|
|
(17.8) |
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
||||||||
Borrowings of short-term debt |
— |
|
|
20.0 |
|
|
— |
|
|
108.5 |
|
||||
Repayments of short-term debt |
— |
|
|
(73.5) |
|
|
— |
|
|
(122.0) |
|
||||
Repayments of long-term debt |
(0.4) |
|
|
(60.4) |
|
|
(0.8) |
|
|
(61.5) |
|
||||
Proceeds from sale of stock under employee awards |
— |
|
|
— |
|
|
0.5 |
|
|
— |
|
||||
Taxes paid related to net share settlement of equity awards |
(0.1) |
|
|
— |
|
|
(1.7) |
|
|
(0.7) |
|
||||
Other, net |
— |
|
|
— |
|
|
— |
|
|
(0.2) |
|
||||
Net cash flows used in financing activities |
(0.5) |
|
|
(113.9) |
|
|
(2.0) |
|
|
(75.8) |
|
||||
Increase (decrease) in cash, cash equivalents and restricted cash |
3.8 |
|
|
(12.6) |
|
|
25.0 |
|
|
26.7 |
|
||||
Cash, cash equivalents and restricted cash at beginning of period |
58.2 |
|
|
61.8 |
|
|
36.9 |
|
|
22.4 |
|
||||
Cash, cash equivalents and restricted cash at end of period |
$ |
62.0 |
|
|
$ |
49.2 |
|
|
$ |
62.0 |
|
|
$ |
49.2 |
|
Clearwater Paper Corporation |
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Segment Information |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
|
|
|
||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
(In millions) |
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Segment net sales: |
|
|
|
|
|
|
|
||||||||
Pulp and Paperboard |
$ |
227.4 |
|
|
$ |
216.5 |
|
|
$ |
447.2 |
|
|
$ |
439.6 |
|
Consumer Products |
180.7 |
|
|
271.3 |
|
|
389.0 |
|
|
533.8 |
|
||||
Eliminations |
(1.7) |
|
|
(7.2) |
|
|
(3.9) |
|
|
(15.0) |
|
||||
Total segment net sales |
$ |
406.4 |
|
|
$ |
480.6 |
|
|
$ |
832.3 |
|
|
$ |
958.5 |
|
|
|
|
|
|
|
|
|
||||||||
Operating income (loss): |
|
|
|
|
|
|
|
||||||||
Pulp and Paperboard |
$ |
13.0 |
|
|
$ |
32.0 |
|
|
$ |
38.0 |
|
|
$ |
58.2 |
|
Consumer Products |
(10.0) |
|
|
36.8 |
|
|
7.9 |
|
|
51.4 |
|
||||
Corporate and eliminations |
(15.0) |
|
|
(17.6) |
|
|
(30.5) |
|
|
(31.0) |
|
||||
Other operating charges, net 1 |
(44.5) |
|
|
(3.0) |
|
|
(44.9) |
|
|
(11.6) |
|
||||
Income (loss) from operations |
$ |
(56.6) |
|
|
$ |
48.2 |
|
|
$ |
(29.5) |
|
|
$ |
67.0 |
|
1 Other operating charges, net consist of amounts unrelated to ongoing core operating activities. Please refer to Note 8 within Clearwater Paper's Form 10-Q filed with the SEC for the period end June 30, 2021 for the detailed breakout of this amount.
Note: Certain amounts have been reclassed from the prior year presentation to reflect the realignment of Clearwater Paper’s baled pulp sales to record inter-segment sales at market price and the realignment of outside pulp sales to the producing segment.
Clearwater Paper Corporation |
|||||||||||||||
Reconciliation of Non-GAAP Financial Measures |
|||||||||||||||
Adjusted EBITDA |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
|
|
|||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
(In millions) |
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Net income (loss) |
$ |
(51.6) |
|
|
$ |
22.8 |
|
|
$ |
(39.6) |
|
|
$ |
33.1 |
|
Add back: |
|
|
|
|
|
|
|
||||||||
Income tax provision (benefit) |
(16.7) |
|
|
10.4 |
|
|
(13.5) |
|
|
4.2 |
|
||||
Interest expense, net |
9.3 |
|
|
12.0 |
|
|
18.6 |
|
|
24.9 |
|
||||
Depreciation and amortization expense |
26.8 |
|
|
27.8 |
|
|
53.7 |
|
|
55.8 |
|
||||
Other operating charges, net1 |
44.5 |
|
|
3.0 |
|
|
44.9 |
|
|
11.6 |
|
||||
Other non-operating expense |
2.5 |
|
|
2.0 |
|
|
5.0 |
|
|
3.8 |
|
||||
Debt retirement costs |
— |
|
|
1.0 |
|
|
— |
|
|
1.0 |
|
||||
Adjusted EBITDA |
$ |
14.8 |
|
|
$ |
78.9 |
|
|
$ |
69.1 |
|
|
$ |
134.3 |
|
|
|
|
|
|
|
|
|
||||||||
Pulp and Paperboard income |
$ |
13.0 |
|
|
$ |
32.0 |
|
|
$ |
38.0 |
|
|
$ |
58.2 |
|
Depreciation and amortization |
9.0 |
|
|
9.2 |
|
|
18.0 |
|
|
18.5 |
|
||||
Pulp and Paperboard Adjusted EBITDA |
$ |
22.0 |
|
|
$ |
41.2 |
|
|
$ |
56.0 |
|
|
$ |
76.7 |
|
|
|
|
|
|
|
|
|
||||||||
Consumer Products income (loss) |
$ |
(10.0) |
|
|
$ |
36.8 |
|
|
$ |
7.9 |
|
|
$ |
51.4 |
|
Depreciation and amortization |
16.8 |
|
|
17.1 |
|
|
33.5 |
|
|
34.4 |
|
||||
Consumer Products Adjusted EBITDA |
$ |
6.7 |
|
|
$ |
53.9 |
|
|
$ |
41.4 |
|
|
$ |
85.8 |
|
|
|
|
|
|
|
|
|
||||||||
Corporate expenses |
$ |
(15.0) |
|
|
$ |
(17.6) |
|
|
$ |
(30.5) |
|
|
$ |
(31.0) |
|
Depreciation and amortization |
1.0 |
|
|
1.4 |
|
|
2.2 |
|
|
2.9 |
|
||||
Corporate Adjusted EBITDA |
$ |
(14.0) |
|
|
$ |
(16.2) |
|
|
$ |
(28.3) |
|
|
$ |
(28.2) |
|
|
|
|
|
|
|
|
|
||||||||
Pulp and Paperboard |
$ |
22.0 |
|
|
$ |
41.2 |
|
|
$ |
56.0 |
|
|
$ |
76.7 |
|
Consumer Products |
6.7 |
|
|
53.9 |
|
|
41.4 |
|
|
85.8 |
|
||||
Corporate |
(14.0) |
|
|
(16.2) |
|
|
(28.3) |
|
|
(28.2) |
|
||||
Adjusted EBITDA |
$ |
14.8 |
|
|
$ |
78.9 |
|
|
$ |
69.1 |
|
|
$ |
134.3 |
|
1 Other operating charges, net consist of amounts unrelated to ongoing core operating activities. Please refer to Note 8 within Clearwater Paper's Form 10-Q filed with the SEC for the period end June 30, 2021 for the detailed breakout of this amount.
Clearwater Paper Corporation |
|||||||||||||||
Reconciliation of Non-GAAP Financial Measures |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
|
|
|
|
|
||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
(In millions, except per-share data) |
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Adjusted Net Income (Loss): |
|
|
|
|
|
|
|
||||||||
Net income (loss) |
$ |
(51.6) |
|
|
$ |
22.8 |
|
|
$ |
(39.6) |
|
|
$ |
33.1 |
|
Add back: |
|
|
|
|
|
|
|
||||||||
Income tax provision (benefit) |
(16.7) |
|
|
10.4 |
|
|
(13.5) |
|
|
4.2 |
|
||||
Income (loss) before income taxes |
(68.4) |
|
|
33.2 |
|
|
(53.1) |
|
|
37.4 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Add back: |
|
|
|
|
|
|
|
||||||||
Debt retirement costs |
— |
|
|
1.0 |
|
|
— |
|
|
1.0 |
|
||||
Other operating charges, net |
44.5 |
|
|
3.0 |
|
|
44.9 |
|
|
11.6 |
|
||||
Adjusted income (loss) before tax |
(23.8) |
|
|
37.2 |
|
|
$ |
(8.2) |
|
|
$ |
49.9 |
|
||
Normalized income tax provision |
(6.0) |
|
|
9.3 |
|
|
(2.0) |
|
|
12.5 |
|
||||
Adjusted net income (loss) |
$ |
(17.9) |
|
|
$ |
27.9 |
|
|
$ |
(6.1) |
|
|
$ |
37.4 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average diluted shares (thousands) |
16,685 |
|
|
16,686 |
|
|
16,678 |
|
|
16,644 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Adjusted income (loss) per diluted share |
$ |
(1.07) |
|
|
$ |
1.67 |
|
|
$ |
(0.37) |
|
|
$ |
2.24 |
|
|
|
|
|
|
|
|
|
||||||||
|
June 30, 2021 |
|
March 31, 2021 |
|
December 31, 2020 |
|
|
||||||||
Calculation of Net Debt: |
|
|
|
|
|
|
|
||||||||
Current portion long-term debt |
$ |
1.7 |
|
|
$ |
1.7 |
|
|
$ |
1.7 |
|
|
|
||
Long-term debt |
716.2 |
|
|
716.3 |
|
|
716.4 |
|
|
|
|||||
Add back: |
|
|
|
|
|
|
|
||||||||
Unamortized deferred debt costs |
6.4 |
|
|
6.6 |
|
|
6.9 |
|
|
|
|||||
Less: |
|
|
|
|
|
|
|
||||||||
Financing leases |
20.0 |
|
|
20.4 |
|
|
20.8 |
|
|
|
|||||
Cash |
60.9 |
|
|
57.1 |
|
|
35.9 |
|
|
|
|||||
Net Debt |
$ |
643.3 |
|
|
$ |
647.1 |
|
|
$ |
668.4 |
|
|
|
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20210804006008/en/
FAQ
What were Clearwater Paper's Q2 2021 financial results?
How much did Clearwater Paper's adjusted EBITDA decline in Q2 2021?
What is the impact of the Neenah facility closure on Clearwater Paper?
What sales trends were observed in Clearwater Paper's Consumer Products segment?
How is Clearwater Paper planning to improve its financial position?
